Question

Current Attempt in Progress The unadjusted trial balance for Marigold Corp. is shown below. MARIGOLD CORP. Trial Balance October 31, 2022 Debit Credit Cash $16,070 Supplies 2.880 Prepaid Insurance 750 Equipment 4.800 Notes Payable $4,800 Accounts Payable 2.500 Unearned Service Revenue 1,760 Common Stock 11,150 Retained Earnings Dividends 690 Service Revenue 10,100 Salaries and Wages Expense 4,000 Rent Expense 1,120 $30,310 $30,310 Assume the following adjustment data. 1. Supplies on hand at October 31 total $570. 2. Expired insurance for the month is $125. 3. Depreciation for the month is $105. 4. As of October 31, services worth $880 related to the previously recorded unearned revenue had been performed. 5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $310. 6. Interest expense accrued at October 31 is $90. 7. Accrued salaries at October 31 are $1,525.

Answer 1

The adjusting journal entries are as follows:

No.	Date	Account Title and Explanation	Debit ($)	Credit ($)
1	Oct-31	Supplies expense	2,310
		Supplies account ($2,880 - $570)		2,310
		(To record the supplies used)
	Date	Account Title and Explanation	Debit ($)	Credit ($)
2	Oct-31	Insurance expense	125
		Prepaid insurance		125
		(To Record insurance expired)
	Date	Account Title and Explanation	Debit ($)	Credit ($)
3	Oct-31	Depreciation expense	105
		Accumulated depreciation		105
		(To record depreciation expense)
	Date	Accounts title and Explanation	Debit ($)	Credit ($)
4	Oct-31	Unearned revenue	880
		Service revenue		880
		(To record the service revenue)
	Date	Accounts title and Explanation	Debit ($)	Credit ($)
5	Oct-31	Accounts receivable	310
		Service revenue		310
		(To record the service performed but not paid)
	Date	Accounts title and Explanation	Debit ($)	Credit ($)
6	Oct-31	Interest expense	90
		Accrued interest		90
		(To record the interest accrued but not paid)
	Date	Accounts title and Explanation	Debit ($)	Credit ($)
7	Oct-31	salaries expense	1,525
		Accrued salaries		1,525
		(To record the salaries accrued but not paid)

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